Grays in Essex named first place for home sellers

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UK property remains a seller’s market, according to property portal Rightmove, with Grays in Essex named as the top spot for sellers.

He said eight out of 10 properties for sale on the area’s website have already received accepted offers.

Some coastal cities also appear on the list of most requested areas, as pandemic priorities continue among buyers of indoor and outdoor spaces.

Chelsea in London is reckoned to be the best market for buyers at the moment.

Coastal question

A surge in house prices over the past 18 months has been driven to a considerable extent by high demand from buyers that has not been matched by the number of homes on the market.

Rightmove analyzed the listings in each area, calculating the percentage of properties that were sold under contract. This means that an offer has been accepted, but the sale – and potentially the final price – has yet to be confirmed.

It found that Grays, a town on the Thames 20 miles from East London, and Mangotsfield near Bristol both had 84% of the listed properties sold under contract.

Also in the 10 areas with the highest percentage of ads with accepted offers were Eastleigh, Redditch, Yeovil, Hythe, Gosport, Corby, Fareham, and Bognor Regis.

At the other end of the scale were Bayswater in London with 14% of the listings sold subject to contract, Aberdeen with 14% and Chelsea with 13% of the listings at that stage.

The least likely classified ad areas are mainly in London.

Analysts also found that eight out of 10 homes for sale for £ 250,000 or less in Britain were sold under contract. There was more demand for houses than apartments, according to the research.

Tim Bannister, director of real estate data at Rightmove, said, “Sellers have had a better chance this year than any other time in the past decade of finding a buyer for their home.

“Higher price ranges have done well over the past year, aided by the temporary stamp duty exemption threshold raised to £ 500,000, but tapering through the end of September has helped the £ 250,000 mass market. and lower to emerge as the strongest market more recently.

“The space race is still a critical necessity for many, but smaller homes are returning to more competitive property types, which is helping to sustain demand in the lower price ranges.”

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